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Question: 1. Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $220,000. Focus Company initially offered to buy the land for $177,000. The companies settled on a purchase price of $212,000. On the same day, another piece of land on the same block sold for $232,000. Under the cost concept, at what amount should the land be recorded in the accounting records of Focus Company?

2. The assets and liabilities of a company are $128,000 and $84,000, respectively. Owner's equity should equal

a. $128,000

b. $84,000

c. $44,000

d. $212,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92712890

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